The town is named after the Beaverlodge River, which flows within one and a half miles southwest of the town. The name Beaverlodge is derived from "Lodge" or temporary dwelling, of the Beaver Indians. In 1908, prior to the township survey, the first permanent settlers arrived and took up squatters' rights in the Beaverlodge valley.

It is home of the federal government's Northern Agricultural Research Station where experimental work was started by local farmer W.D.Albright in 1915. The Pacific Regeneration Technologies (PRT) Tree Nursery features 5 acres of greenhouses, annually producing millions of spruce and pine seedlings for reforestation. Beaverlodge also has a strong oilfield industry, due to the Elmworth Deep Basin gasfield.

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